Money transfer sites – Money Transfer Office http://moneytransferoffice.com/ Tue, 15 Nov 2022 04:54:48 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://moneytransferoffice.com/wp-content/uploads/2021/10/icon-120x120.jpg Money transfer sites – Money Transfer Office http://moneytransferoffice.com/ 32 32 Kentucky signs top guard DJ Wagner in high school, regains recruiting dominance under John Calipari https://moneytransferoffice.com/kentucky-signs-top-guard-dj-wagner-in-high-school-regains-recruiting-dominance-under-john-calipari/ Tue, 15 Nov 2022 03:08:01 +0000 https://moneytransferoffice.com/kentucky-signs-top-guard-dj-wagner-in-high-school-regains-recruiting-dominance-under-john-calipari/ Kentucky head coach John Calipari answers a question during the school’s NCAA college basketball … [+] media day in Lexington, Ky., Tuesday, Oct. 25, 2022. (AP Photo/James Crisp) Copyright 2022 The Associated Press. All rights reserved. Kentucky’s men’s basketball season ended in disappointing fashion in March. In the first round of the NCAA Tournament, the […]]]>

Kentucky’s men’s basketball season ended in disappointing fashion in March. In the first round of the NCAA Tournament, the No. 2 seeded Wildcats lost, 85-79, in overtime to No. 15 seeded Saint Peter’s. The loss came a year after Kentucky failed to qualify for the 2021 NCAA Tournament and left a demanding fan base puzzled and angry.

On Monday, that dejection turned to elation when the Wildcats signed DJ Wagner, the nation’s No. 1 rookie, according to the 247Sports Composite rankings.

Wagner, a 6-foot-3 guard from Camden High School in New Jersey, has close family ties to Kentucky coach John Calipari. His father, Dajuan Wagner, played a year in Memphis under Calipari before being selected sixth overall in the 2002 NBA draft by the Cleveland Cavaliers.

DJ Wagner also knew Louisville, his other finalist, intimately. His grandfather, Milt Wagner, won a national title as a player on the Cardinals’ national title team in 1986. Milt is now Louisville’s director of player development and alumni relations, but he doesn’t failed to convince his grandson to join him.

DJ Wagner is one of five high school students who have signed a National Letter of Intent (NLI) with Kentucky. Three others are ranked among the top 10 national rookies: Justin Edwards, a forward from the Imhotep Institute in Philadelphia, is second in the 247Sports Composite; Wagner’s Camden center and teammate Aaron Bradshaw is seeded sixth; and Robert Dillingham, a guard who plays for Overtime Elite, is ranked ninth. Reed Sheppard, Kentucky’s other clerk and guard, is ranked 29th.

Unsurprisingly, the Wildcats are first in 247Sports’ recruiting rankings, just ahead of Duke, which has commitments from five of the top 25 rookies.

“I couldn’t be more excited about this class,” Kentucky coach John Calipari said in a news release Monday. “We have five talented and dynamic players who have the drive and commitment to succeed in Kentucky. They all know it’s not for everyone, and they’ve welcomed this challenge and want to be pushed not just by our coaching staff, but by other really good players every day.

Since arriving at Kentucky in March 2009, Calipari has become college basketball’s top scout. From 2011 to 2021, Kentucky had the nation’s top recruiting class five times, according to 247Sports, and was second in the other six years during that span.

During Calipari’s tenure, Kentucky qualified for the Final Four four times, including winning the national title in 2012 and losing in the championship game in 2014. But the Wildcats did not advance past the Elite Eight since 2015, a streak that could put an end to that. year considering Kentucky is ranked fourth in AP and Coaches polls.

For the 2022 high school class, Kentucky finished fifth in the 247Sports recruiting rankings, but still signed two of the top 12 high schoolers in the nation: eighth-ranked guard Cason Wallace and 12th-ranked forward Chris Livingston. Wallace and Livingston, both freshmen, started Kentucky’s first two games.

The Wildcats have also been active in the transfer market in recent years, including with reigning National Player of the Year Oscar Tshiebwe coming from West Virginia. Tshiebwe is recovering from knee surgery and has not played this year for Kentucky, which plays Michigan State again Tuesday night at the Champions Classic in Indianapolis.

Other contributors to this year’s Kentucky team have also been transfers, including forward Antonio Reeves from Illinois State, guard CJ Fredrick from Iowa, guard Sahvir Wheeler from Georgia and Rhode Island forward Jacob Toppin.

Effective July 1, 2021, the NCAA allowed athletes to earn money with their name, image, and likeness (NIL), a policy that, in theory, could open up competition for high-level recruits. Instead, Kentucky remained dominant, as did Duke and other programs that recruited top talent before the NIL legislation was enacted.

Kentucky signed four top-10 rookies this year for only the second time since Calipari arrived. The other time happened in the 2013 class: Julius Randle was second, Andrew Harrison fifth, Aaron Harrison sixth, James Young ninth and Dakari Johnson 10th.

Wagner is the third 247Sports Composite No. 1-ranked rookie to sign with Kentucky under Calipari, joining Anthony Davis in 2011 and Nerlens Noel in 2012.

“It was an extremely difficult decision that I went back and forth with for a long time,” Wagner told ESPN on Monday. “That’s why it took so long.”

He added: “Coach John Calipari has always been upfront and honest with me. He said he would be with me until the wheels fell off the car anyway. And that meant so much to me. I come there to win. Winning comes first with me and I want to help Kentucky win as much as possible.

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SENIOR TASTY https://moneytransferoffice.com/senior-tasty/ Wed, 09 Nov 2022 12:00:00 +0000 https://moneytransferoffice.com/senior-tasty/ The top financial scams targeting seniors today What are the most common scams today that target seniors? My 75 year old mother has been scammed several times over the past year so I am extremely cautious. Big question! Although many scams today are universal, some types of fraud specifically target older people or affect them […]]]>

The top financial scams targeting seniors today

What are the most common scams today that target seniors? My 75 year old mother has been scammed several times over the past year so I am extremely cautious.

Big question! Although many scams today are universal, some types of fraud specifically target older people or affect them disproportionately. And unfortunately, these scams targeted at seniors are on the rise.

According to the Federal Bureau of Investigation (FBI), in 2021 there were 92,371 elderly victims of fraud, resulting in losses of $1.7 billion. This is a 74% increase in losses compared to 2020.

People also read…

Here are five of the most common senior citizen scams reported in the past year that you and your mom should be aware of.

Scams by government imposters: These are fraudulent phone calls from people claiming to be from the Internal Revenue Service, Social Security Administration, or Medicare. These scammers can falsely tell you that you have unpaid taxes and threaten to be arrested or deported if you don’t pay immediately. Or they may say that your Social Security or Medicare benefits may be cut off if you don’t provide personally identifying information. They can even “spoof” your caller ID to make it look like the government is actually calling.

Lottery contests and scams: These scams may contact you by phone, mail or email. They tell you that you have won or have the potential to win a jackpot. But you must pay a fee or cover taxes and processing fees to receive your prize, perhaps by prepaid debit card, wire transfer, money order or cash. Scammers may even impersonate well-known sweepstakes organizations like Publishers Clearing House to trick you.

Robocalls and phone scam: Robocalls take advantage of sophisticated, automated phone technology to perform various scams on trusted seniors who answer the phone. Some robocalls may claim that a warranty is expiring on their car or electronic device and payment is required to renew it. These scammers can also “spoof” the number to make the call genuine.

A common robocall is “Can you hear me?” call. When the elderly person says “yes”, the scammer records their voice and hangs up. The criminal then has a voice signature to authorize unwanted charges on items such as stolen credit cards.

Computer tech support scams: These scams take advantage of older people’s lack of knowledge about computers and cybersecurity. A pop-up message or blank screen usually appears on a computer or phone telling you that your device is compromised and needs to be repaired. When you call the support number for assistance, the scammer may either request remote access to your computer and/or that you pay a fee to have it repaired.

Grandparents scam: The grandparents scam has been around for several years now. A scammer will call and say something like, “Hi grandma, do you know who this is?” When the unsuspecting grandparent guesses the name of the grandchild the scammer most resembles, the scammer has established a false identity.

The fake grandchild will then ask for money to solve an unexpected financial problem (legal problem, unpaid rent, car repairs, etc.), to be paid via gift cards or money transfers, which do not require always have ID to be picked up.

Some other popular scams currently targeting seniors are romance scams via social media and online dating sites, COVID-19 scams, investment scams, health insurance and health insurance scams. health insurance, and Internet and e-mail fraud.

For more information on the different types of senior citizen scams to watch out for, as well as tips to help your mom protect herself, visit the National Council on Aging website at NCOA.org and type ” top 5 financial scams targeting seniors”. in the search bar.

Send your senior questions to: Savvy Senior, PO Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is an NBC Today contributor and author of “The Savvy Senior.”

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Beware of the maze of currency transfers https://moneytransferoffice.com/beware-of-the-maze-of-currency-transfers/ Fri, 04 Nov 2022 05:00:58 +0000 https://moneytransferoffice.com/beware-of-the-maze-of-currency-transfers/ The last time the pound was this weak against the dollar, the UK had just agreed to return Hong Kong to China, it was in the throes of a miners’ strike and King Charles was just 36. Against the euro, things haven’t been this bad since the 2008 financial crisis. This will be good news […]]]>

The last time the pound was this weak against the dollar, the UK had just agreed to return Hong Kong to China, it was in the throes of a miners’ strike and King Charles was just 36. Against the euro, things haven’t been this bad since the 2008 financial crisis.

This will be good news if you have worked abroad and are returning to the UK armed with foreign currency savings, or if you are planning to buy a UK house abroad, but a terrible news if you’re a Brit chasing your lockdown dream of buying a vacation abroad home.

Either way, one thing you probably haven’t thought about for long is how much money changers will charge you to move the money.

“Most people only make big trades in forex a few times in their lifetime, if at all, so they don’t know how the forex market works and the companies that operate in it,” says Colin Dewar, who ran the internal business of Hargreaves Lansdown. bureau de change before the service moved to Currencies Direct in 2020. “The rules for banking and transferring large sums of money vary from country to country and are subject to change.”

In 2019, when my Australian grandmother passed away, I started transferring the money she left me to the UK. It turned out that there were a lot of pitfalls.

Earlier that year, my mother had traveled to Australia to tie up my grandmother’s estate, of which she was the executor. But she hadn’t put the local bank on hold for a large cash transfer from the probate account to the UK, meaning we had to make the transfers over the internet, dropping the money drip in portions of 50,000 Australian dollars, the daily online banking limit.

The next hiccup came when two transfers came up short by around AU$1,500. The culprit turned out to be the intermediary bank, a third party often employed by the issuing bank to facilitate a cross-border transfer. There followed weeks of emails and phone calls, each of the three parties blaming the other until I obtained sufficiently detailed records from each to identify who was responsible.

Keeping your wits about you will help you avoid this kind of goose chase.

Finding the best deal is important, as exchange rates for large money transfers vary wildly. I ended up paying 0.1-0.3% for my transactions, but some big banks still charge around 2% on currency transfers, according to research by Hargreaves Lansdown.

HSBC customers could change AU$1m in an AU$ account to £557,405 net of all fees. Those using the Key Currency broker would get £556,328.23. But if you transfer A$1m to your account at the Co-operative Bank, which doesn’t offer foreign currency accounts, you’ll end up with £536,775, £20,630 less than with HSBC.

However, comparing quotes is complicated. For example, you could only know the HSBC rate if you were already a customer. Price comparison sites, such as goodmoneyguide.com or moneytransfers.com, compare rates offered by specialist brokers such as Key Currency, AFEX, TorFX and Currencies Direct.

Different companies use different pricing structures. Online specialists wise.com and Revolut change money at or near the interbank rate (the lowest possible rate at which global banks transact with each other) and charge a transaction fee. But most specialty brokers make money by charging a spread – a markup on the interbank rate.

Dewar says most customers will complete the exchange in one transaction; cross-border movers who expect to buy a home in the future can lock in a rate with a forward contract. Here you set a future date for the exchange and the forex broker guarantees the offered rate.

The Financial Conduct Authority told me that regulation had been tightened since 2009 and that consumers were better protected. Companies cannot mix your money with theirs. It must be deposited in a separate bank account until the transaction is complete and if the company becomes insolvent your money will be paid before it goes to the company’s creditors.

But note that these are not personal bank accounts, so you won’t benefit from the Financial Services Compensation Scheme, which protects up to £85,000 deposited per bank.

With such large sums, errors in your instructions can cost you dearly. Andrew Gibson, co-founder of Key Currency, estimates that once a year a customer error – such as an incorrectly entered IBAN number or SWIFT code – results in a cross-border transfer ending up in the wrong account overseas.

“The international banking system is slow, it can take two to four weeks to get it back to your account. It’s so painful for the customer,” he says.

If you are using a UK-based forex broker and are transferring money from overseas, be sure to check your instructions with the originating banks. Transferring funds online across borders usually means checking a drop-down menu where the default option can mean a high-fee transaction. “Banks can be a little mean here and want to do the conversions themselves because it’s in their interest,” Dewar says.

Even if you follow the instructions correctly, things can go wrong. My $1,500 failure happened because the intermediary bank ignored the instruction to transfer Australian dollars and automatically changed them to British pounds, charging me a commission.

When the GBP amount reached my UK broker’s account, the host bank automatically changed it to Australian dollars to match the denomination of the account, again at a punitive rate. At the end of the fiasco, I had paid 3% in fees (in comparison, those charged by my forex broker were between 0.1 and 0.3%).

Over the weeks of detective hunting that followed, my broker was invaluable in helping me resolve the issue. But the help you get to resolve similar confusions may vary.

As these are companies regulated by the Financial Conduct Authority, you can complain to the Financial Ombudsman Service. But only if it was a mistake by a UK company, which was not the case in my case. Three years later, I still shiver at the thought of being pushed from pillar to post.

The author is a freelance journalist

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starts plugging orphan oil wells with $25 million in federal money | Local News https://moneytransferoffice.com/starts-plugging-orphan-oil-wells-with-25-million-in-federal-money-local-news/ Tue, 01 Nov 2022 06:18:41 +0000 https://moneytransferoffice.com/starts-plugging-orphan-oil-wells-with-25-million-in-federal-money-local-news/ Country the United States of AmericaUS Virgin IslandsU.S. Minor Outlying IslandsCanadaMexico, United Mexican StatesBahamas, Commonwealth ofCuba, Republic ofDominican RepublicHaiti, Republic ofJamaicaAfghanistanAlbania, People’s Socialist Republic ofAlgeria, People’s Democratic Republic ofAmerican SamoaAndorra, Principality ofAngola, Republic ofAnguillaAntarctica (the territory south of 60 degrees S)Antigua and BarbudaArgentina, Argentine RepublicArmeniaArubaAustralia, Commonwealth ofAustria, Republic ofAzerbaijan, Republic ofBahrain, Kingdom ofBangladesh, People’s Republic […]]]>

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How the banking sector is mobilizing to ensure your safety in a digital world https://moneytransferoffice.com/how-the-banking-sector-is-mobilizing-to-ensure-your-safety-in-a-digital-world/ Sat, 29 Oct 2022 20:00:00 +0000 https://moneytransferoffice.com/how-the-banking-sector-is-mobilizing-to-ensure-your-safety-in-a-digital-world/ As the world enters an era of connected devices, big data, cloud computing and the Internet of Things, so do criminals. Singapore police statistics show that scams remain the main driver of crime in the first half of 2022, with phishing scams being the second most common, after employment scams. In phishing scams, victims typically […]]]>

As the world enters an era of connected devices, big data, cloud computing and the Internet of Things, so do criminals.

Singapore police statistics show that scams remain the main driver of crime in the first half of 2022, with phishing scams being the second most common, after employment scams.

In phishing scams, victims typically receive text messages or calls from fraudsters posing as banks, government agencies, or e-commerce sites, and are tricked into revealing their bank details to these fraudsters, who then carry out monetary transactions from victims’ bank accounts. These scams where the victims give their banking credentials to the scammers are considered “unauthorized” scams, compared to “authorized” scams where the victims unwittingly transfer money on their own to the scammers.

These scammers have targeted not only older people who are less savvy about digital banking, but also the younger generation who regularly use online payments and
transfers. No one is safe from scams.

“Scammers don’t target any specific customer demographic and everyone is potentially vulnerable to scams. From what we’ve seen, scam victims don’t fall into any particular customer profile. We’ve seen people young and old, digitally savvy and new to online banking, fall victim to scams,” says Ms. Ong-Ang Ai Boon, Director of the Singapore Banking Association.

About $7.8 million was lost in 2,301 reported phishing cases in the first half of 2022, compared to $6.7 million lost in 1,102 cases during the same period last year.

To thwart the scammers, local banks have implemented new measures in recent months. Here’s how these measures make it harder for scammers to trick their victims, and why they’re important:

1. More clickable links in text messages or emails

Banks in Singapore will no longer include clickable links in text messages or emails sent to account holders. Now, when an account holder receives a prompt from the bank, they must manually enter the bank’s URL into the website browser to act on the alert. Alternatively, they can check for updates through the mobile banking app.

Text messages or emails with clickable URLs are among the most common channels used by scammers. When recipients click on these links, they are taken to fraudulent websites that look like a bank’s website. When recipients attempt to log in to the fake websites, personal information such as bank account login details, passwords, and one-time passwords (OTPs) are revealed to the crooks. Crooks can use this information to access and take control of victims’ bank accounts on official bank websites.

2. Lower Default Threshold for Transaction Notifications

Previously, the default minimum sum for transactions to trigger SMS or email alerts to customers was decided by individual banks. These thresholds apply to transactions ranging from ATM withdrawals to online transfers and credit card purchases.

Singapore banks have lowered this default threshold to $100 or less. This way, scammers attempting to transact over $100 will trigger alerts. If an account holder finds a suspicious transfer, they should immediately call the bank to report the incident.

In addition to transaction notifications, account holders can also lower the daily transaction limit — set by banks at $5,000 or less by default for online transfers since June — for their accounts. Any sum exceeding this limit, whether made by the account holder or by a scammer, will be automatically rejected by the bank.

3. Notification of change of contact details

Account holders will receive notifications to their phone, email or mailbox whenever contact details such as a mobile phone number or email address linked to their bank accounts are changed.

These notifications will set off alarm bells if the change was not requested by the
account holders. It is crucial that account holders pay attention to these notifications, as OTPs, which are used to authenticate transactions, will be sent to these updated phone numbers and email addresses.

4. Cooling off period for creating a new token

Banks have added a 12 hour buffer for the activation of new soft tokens. This will prevent an immediate takeover of the account by scammers and give account holders
time to react if their software token has been moved to a rogue’s device. The length of the withdrawal period – set at a minimum of 12 hours – varies from one bank to another.

The 12-hour wait for activation might seem like an inconvenience, but it’s a necessary step to combat scams as banks try to balance customers’ need for convenience with security.

5. Kill switch to freeze accounts

If an account holder suspects that a scammer has started withdrawing money from their account, they can activate a “kill switch” to prevent further losses.

This action will immediately freeze his bank account, including internet and mobile banking access. The “kill switch” can be activated via the bank’s hotline.

By October 31, 2022, all major retail banks in Singapore will make this feature available to their customers.

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Follow these tips to stay safe when using online dating apps https://moneytransferoffice.com/follow-these-tips-to-stay-safe-when-using-online-dating-apps/ Sat, 22 Oct 2022 03:02:04 +0000 https://moneytransferoffice.com/follow-these-tips-to-stay-safe-when-using-online-dating-apps/ The pandemic has sparked an increase in virtual dating for work and social events. We stayed in touch with our friends, family and employers through video conferencing, social media and text groups. Social restrictions have made it difficult to meet new people, and for some of us it still is. Luckily, there’s an app for […]]]>

The pandemic has sparked an increase in virtual dating for work and social events. We stayed in touch with our friends, family and employers through video conferencing, social media and text groups.

Social restrictions have made it difficult to meet new people, and for some of us it still is. Luckily, there’s an app for that. There are many. Tap or click here to access five apps that will help you make new friends in your city.

What if you were looking for something beyond friendship? Dating sites and apps have been around for a long time, and there’s nothing wrong with using technology to find the right person. But be careful. These sites are full of dishonest people and scammers. You can really burn yourself. Here’s what to watch out for.

1. Keep sensitive information (and photos) out of your profile

Your online profile helps you stand out from countless others. You want to create an engaging biography that will inspire people to learn more about you. Write about your hobbies, interests and goals. Let people know what you are looking for. And leave out the negativity.

Speaking of omitting, don’t include any identifying information such as your home address, work location, email address, or phone number. Do not mention anything about your financial situation. Keep it vague – you don’t want to give anyone information they can use to identify you online.

The same rules apply to your photos. Do not take a photo in front of your house or the building where you work. These photos could be used to pinpoint your location. Keep your friends and family out of pictures to respect their privacy and safety.

Don’t use the same photos you use on social media. Someone doing a reverse image search on your dating profile can then find your other accounts.

Even the most basic information can be integrated into a people search site to get more information about you. Tap or click here to access our growing list of these invasive sites with instructions on opting out.

2. Look at the photos of your match

So you matched with someone. Congratulations! You probably look at their photos before anything else. Do not worry! This is normal and expected.

Wait a minute. Do all of their photos look like a professional photographer? Does he look like a Calvin Klein model? Does she look like she took part in a Sports Illustrated swimsuit shoot? Bad news: it’s probably a fake profile.

Scammers steal photos from magazines, websites, and social media profiles to lure unsuspecting victims. They will even use photos of celebrities. If their gallery sounds too good to be true, then it probably is. Ungroup them and move on.

If you’re unsure about a photo, try a reverse image search:

  • Go to images.google.com.
  • Press the camera icon to search by image.
  • You can either download a file Where paste an image link.
  • If the photo appears on multiple websites, it’s probably a fake profile. This search may also lead you to the social media profile from which the photo was stolen.

3. No more red flags

There are many warning signs that tell you to stay away from a profile. We will list some of the most common:

  • Their profile only has one photo.
  • They have a link to their social media account in their dating profile. These people are just looking for followers – don’t waste your time.
  • They have links to other apps or websites.
  • Any mention of crypto, forex, gold, investment or stocks indicates a scammer.
  • Their profile indicates that they are looking to get married as soon as possible. You may run into legal issues with these people.
  • Their profile is full of spelling and grammatical errors.
  • An overly sexualized/naughty profile is the main bait used by scammers.

4. Your match is going too fast

Once you’ve struck up a conversation with someone, ask them questions. What are they looking for? What is their favorite weekend activity? Keep it light so you can gauge their reactions.

If your match seems eager to exit the app and move the conversation to the phone, that’s a red flag. They want your number to get closer to you or find out more about you (in a bad way).

Over time, you may be able to trade numbers, but only after you’ve established a strong relationship and feel comfortable doing so. If you feel rushed in any way – to exchange information or meet in person – let them know. If they get defensive or aggressive, outsmart them and move on.

5. Bloody History

So you’ve been talking to your partner for a while. You know a lot about them (at least from what they’ve told you) and you feel good about how it’s going. It’s time to take it to the next level. You want to set a date to meet. Your match is overjoyed, but alas, they have a confession.

Their grandmother is sick and cannot pay the hospital bills. Their father needs surgery. They need money for rent or their landlord will kick them out. They cannot afford to buy their medicines.

Could you help?

The answer is resounding NOPE. Don’t even answer. Unlink them and block them. If you spoke on the phone, block their number.

This is what the scammer had been waiting for from the start. They earned your trust and now they want your money. They can request a gift card, bank transfer, money through a payment app, or any other way to get paid. It doesn’t matter if they sent you photos or even if you had a video conference and they match their profile.

A person in need would not ask a stranger for help in this way. They talk to several people like you, waiting to trigger their trap. It can hurt to let someone go, but remember that they are not the person you thought they were.

Bonus Tip:

Every time you give out your phone number, you are giving away a lot of potential information about yourself. Someone could use your number to log in to a leaked password or even intercept two-factor authentication codes. They can enter your number on a people search site and find out more about you.

There is a safe way to give your contact information to your partner or anyone else you want to share it with. Use a secondary or recorder phone number that cannot be traced back to you.

Google Voice is a free service that provides you with a phone number that works like any other. You can use it to make calls, send messages or fill out online forms. It works nationally and internationally and you can use it on your iPhone, Android or computer.

Here’s how to start using Google Voice:

  • To download the app to your computer, go to voice.google.com/u/0/signup. You can also download the app for iOS or Android.
  • Next, sign in to your Google account.
  • After reading the terms, proceed to the next step.
  • You will see a list of phone numbers. Select the one you want. (You can search for phone numbers from specific cities or area codes.)
  • Next, verify the number and enter a phone number that you can associate with your Google Voice account.
  • Finally, you will get a six-digit verification code. Enter it and you are set!

keep reading

Scam Alert: 5 Costliest Data Breaches (Plus 5 Most Targeted States)

Four essential steps to protect your online accounts from hackers and scammers

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IRS sets higher tax brackets for 2023, standard deductions and other inflation adjustments https://moneytransferoffice.com/irs-sets-higher-tax-brackets-for-2023-standard-deductions-and-other-inflation-adjustments/ Tue, 18 Oct 2022 23:13:11 +0000 https://moneytransferoffice.com/irs-sets-higher-tax-brackets-for-2023-standard-deductions-and-other-inflation-adjustments/ IRS sets higher tax brackets for 2023, standard deductions and other inflation adjustments Getty The Internal Revenue Service has released dozens of inflation adjustments affecting tax brackets, deductions and personal income tax credits for 2023 and, unsurprisingly, today’s high inflation. over four decades has resulted in strong increases. Consider the standard deduction, now claimed (instead […]]]>

The Internal Revenue Service has released dozens of inflation adjustments affecting tax brackets, deductions and personal income tax credits for 2023 and, unsurprisingly, today’s high inflation. over four decades has resulted in strong increases.

Consider the standard deduction, now claimed (instead of itemized deductions) by more than 85% of taxpayers. For a married couple filing a joint tax return, this deduction will increase to $27,700 in 2023, from $25,900 in 2022; for singles and couples filing separately, it will increase to $13,850 from $12,950; for a head of household, it will increase from $19,400 to $20,800. (A head of household is a single adult with dependents, such as children.) The additional standard deduction for someone age 65 or older will increase to $1,500 per person from $1,400 in 2022; if this elderly person is not married, the additional deduction will be $1,850 in 2023, compared to $1,750 previously.

Meanwhile, the individual tax brackets for ordinary income as well as those for capital gains will all increase in 2023. So, for example, the lowest tax bracket of 10% on ordinary income will cover the first $22,000 in taxable income for a married couple filing jointly, up from $20,550 in 2022. The couple’s 24% bracket will hit $190,750, down from $178,150, and the top 37% will hit income taxable above $693,750, compared to $647,850 in 2022.

You can see all of the 2023 tax brackets on ordinary income (which includes wages, self-employment income, and interest) at the bottom of this article. Remember that the 2022 rates here will apply for 1040s you deposit in early 2023.

Individual federal tax brackets have been automatically indexed to inflation since 1985, a provision that was enacted in 1981 after a period of even higher inflation than the country is currently experiencing. The purpose of the adjustments is to ensure that people are not artificially pushed into higher tax brackets by inflation. Those whose income has not increased with inflation could end up paying taxes at lower rates in 2023 than in 2022 – in other words, they could benefit from a tax reduction that offsets part of what they lost.

A key element that is not indexed, however, is the income level at which taxes on Social Security benefits kick in. This means that more moderate-income retirees will pay federal taxes on their 2023 benefits, which will be increased by a cost of 8.7%. life adjustment.

With respect to the tax rate on eligible stock dividends and long-term capital gains (i.e. gains on stocks held for more than one year), a married couple will not have to no tax as long as his income (including these gains) does not exceed $89,250, compared to $83,350 in 2022. Beyond that, the rate of gains is 15%. The maximum gains rate of 20% will exceed $553,850 for a couple in 2023, up from $517,200 in 2022. For single filers, the 15% capital gains and dividend rate will come into effect on incomes above $44,625 in 2023, up from $41,676 in 2022. But the top 20% rate won’t hit singles until their income exceeds $492,300 in 2023, up from $459,760 before. (Yes, that’s more than half the level for married couples. Highest rate of earnings is one of those areas where tax codes always have a marriage penalty, and no, you can’t avoid this one by declaring separately from your spouse.)

Several key credits are also adjusted for inflation. For example, the maximum earned income tax credit for eligible taxpayers with three or more children will be $7,430 in 2023, up from $6,935 in 2022. The credit, designed to help struggling working families, increases with earned income, then begins to gradually increase at fairly modest income levels. So, for example, a married couple with three children will begin to see their EITC disappear at $28,120 of income in 2023, but will not lose the full credit until their income reaches $63,398.

You can see all of the adjustments in IRS Tax Procedure 22-38 here. (It’s a 28-page document covering everything from adoption credit to penalties for failing to file certain returns on time.)

Inflation also means that wealthy people will be able to transfer much more to their heirs tax-free during their lifetime or upon their death. A key change in gifts: You can give anyone else (and as many people as you want) $17,000 in gifts in 2023, up from $16,000 in 2022, without worrying about exhaust your lifetime gift and inheritance tax exemption or pay gift tax. This lifetime exemption will increase to $12.92 million in 2023 from $12.06 million in 2022. (You can read more about the estate and gift tax changes here.)

Here are the new ordinary income tax brackets in 2023:

MORE FORBESIndividual Lifetime Estate and Gift Tax Exemption Reaches $12.92 Million for 2023MORE FORBESSocial Security benefits to jump 8.7% in 2023 as top tax hits $19,865

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Localized payments unlock the doors to e-commerce https://moneytransferoffice.com/localized-payments-unlock-the-doors-to-e-commerce/ Mon, 17 Oct 2022 08:03:01 +0000 https://moneytransferoffice.com/localized-payments-unlock-the-doors-to-e-commerce/ Unleashing the potential of the booming luxury goods market in the Asia-Pacific region is not a job for payments light-weights. This is serious business with major challenges. At a recent roundtable on PYMNTS, guests Wei Jiang, president and chief operating officer of Citcon, and Tammy Phan, CEO of luxury re-commerce site Luxe Du Jour, discussed […]]]>

Unleashing the potential of the booming luxury goods market in the Asia-Pacific region is not a job for payments light-weights. This is serious business with major challenges.

At a recent roundtable on PYMNTS, guests Wei Jiang, president and chief operating officer of Citcon, and Tammy Phan, CEO of luxury re-commerce site Luxe Du Jour, discussed the challenges and benefits of learning to transfer payments efficiently in this part of the world. .

This is something we investigated in “The Emerging APAC Opportunity,” a collaboration between PYMNTS and Citcon, which found that merchants lose 52% of their APAC sales to cart abandonment. It’s a staggering find, but as Phan says, quite common when sold in the area.

“The problem we have is to make [payments more] simplified and accessible to our customers. When a customer wants to buy from our location in Canada, they want to be able to transfer funds easily, but we cannot open bank accounts in all countries where we operate. This is an issue we struggle with when it comes to payments.

Jiang said it was a common obstacle. Having spent much of his career at Visa, he said: “Visa believed that to solve this problem, everyone [should have] a Visa card. The result is that all transactions can be routed through the Visa rail. It’s not the answer when you go to countries or regions outside the United States, especially if you go to APAC countries or regions like…Malaysia, the penetration rate of Visa and Mastercard cards is very low.

This is where payment localization is gaining momentum faster now with payment processors like Citcon and others handling dozens of local currencies and payment methods.

Noting that there are actually hundreds of local options in sought-after APAC countries and adjacent markets like India, Jiang said it was essential for e-commerce merchants to allow payments via local methods. that are settled in local currencies at both ends.

“This is a high priority for Citcon. From the research we conducted in conjunction with PYMNTS, it is clear that the majority of e-commerce merchants based in the US, Canada and the UK want to expand their presence in APAC,” he said. declared.

“The simple reason is that APAC consumer spending accounts for over 50% of global e-commerce spending and is growing twice as fast as the rest of the world. You can’t ignore that.

See also: The Emerging APAC Opportunity

Regulatory Roulette

Unpacking the details of the various payment regulations in neighboring APAC countries is a full-time job that sellers like Luxe Du Jour don’t have the luxury of committing resources to. Phan noted the maze of different regulations on the movement of money between markets and the complexity it adds to international trade, which hurts both consumers and businesses.

She said that “some countries in Asia have a limit that they can only receive a certain amount of money, otherwise it is frozen.” For example, “there is only a certain amount of money we can transfer to our location in Thailand or our location in Hong Kong without it being flagged and frozen. [or] vice versa.”

This becomes very problematic for a luxury e-commerce site reselling $20,000 Birkin bags overseas, as Luxe Du Jour does. “Sometimes we find that we have to split these payments multiple times, but it costs money on our side to split multiple times.”

There’s also the tangle of laws about accepting certain payments from registered numbered companies, she said, which are becoming almost draconian in some APAC countries. “A lot of our transfers get rejected as well, and we have to send them from a company that has a name in the industry.”

With its own client roster that includes LVMH, Nordstrom, and Macy’s, Citcon is familiar with these issues, dealing with “ticket sizes sometimes over $100,000.” You probably want to find a global payment provider who can help you set up the back-end of your payment platform,” Jiang said.

See also: Citcon integrates with Bold to enable 150 payment methods

The Localization Fix

The localization of payments and the orchestration of the platform allow more sellers to achieve this.

Taking the example of South Korea, Jiang said, “Visa and MasterCard are not mainstream. The penetration rate in South Korea is around 20%. There are over 25 different payment methods.

“Just looking at mobile wallets, you have KakaoPay in Korea, you have PayCo in Korea, you have Naver in Korea,” he said. “They already have four to five different payment methods. All of this stuff in APAC is a sore point because it’s very fragmented, it’s not cohesive. So in those cases you want to find a platform” that has the API integrations to match.

Phan has integrated an Alipay-like payment capability into its site. “If e-commerce sites don’t have that, then I think they’re losing a lot of money, certainly from Asian customers trying to get their money out,” she said. “It’s not easy. Something that helps with conversions was having these other payment options integrated into our website.

The localization of the platform is better done by transacting in the native currencies of buyers and sellers, the role of the platforms being to manage the currencies and a mix of regulations to close the sale.

“Let’s say I’m from Korea and see the KakaoPay listed. Or if I’m from, say, Thailand, I see True Money listed. It says the trader knows me and wants to do business with me,” Jiang said.

“We find that once merchants have enabled local payment methods, the conversion rate can be improved by almost 40% to 50%,” he said, adding that in a tough economy, “ people don’t want to over-invest in their IT platform.. Thus, a flexible and scalable platform becomes important for an e-commerce merchant to grow and scale globally.

We are always looking for partnership opportunities with innovators and disruptors.

Learn more

https://www.pymnts.com/partnerships/2022/payments-tech-firm-priority-integrates-with-valor-paytech/partial/

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This anti-Semitic social media site is willing to fund an alt-right Christian nationalist America – The Forward https://moneytransferoffice.com/this-anti-semitic-social-media-site-is-willing-to-fund-an-alt-right-christian-nationalist-america-the-forward/ Fri, 14 Oct 2022 19:02:20 +0000 https://moneytransferoffice.com/this-anti-semitic-social-media-site-is-willing-to-fund-an-alt-right-christian-nationalist-america-the-forward/ By Mira Fox October 14, 2022 The companies that handle our money have a lot of control over our lives. Credit card providers refused payments to adult content sitesand Venmo put donations to Palestinian relief organizations suspended during the Gaza conflagration in 2021. But when PayPal appeared to fine users up to $2,500 for posting […]]]>

The companies that handle our money have a lot of control over our lives. Credit card providers refused payments to adult content sitesand Venmo put donations to Palestinian relief organizations suspended during the Gaza conflagration in 2021. But when PayPal appeared to fine users up to $2,500 for posting misinformation, right-wing media, politicians and Twitter users got angry.

PayPal has since issued a statement stating that this was an error and that no one will be fined for misinformation. But the talk came to life and PayPal users started leaving the service. A new competitor was waiting to welcome them: GabPay, the new payment arm of right-wing social media site Gab.

GabPay is more than just an app, however. It’s part of a larger project: an attempt to build an entirely parallel Christian economy, a Christian Internet and, eventually, a Christian nationalist country.

Torba, wearing his Christian nationalist hat, in a recent video posted on GabTV. Courtesy of Gab TV

Andrew Torba, the founder of Gab, thanked PayPal for sending him “tens of thousands” of new GabPay users in a post on his site.

Gab started in 2016 as an alternative social media site focused on free speech, infamous for hosting the Tree of Life shooter’s anti-Semitic screed. Like other unmoderated social media sites, it has become a hotbed of racist and anti-Semitic conspiracy theories.

But that’s the point, in part, for Gab. Christian nationalism, as a belief system, is open to the exclusion of non-Christians. “If we want to build a Christian movement it has to be exclusively Christian and we can’t be afraid to say that out loud,” he wrote on Gab’s blog.

PayPal blocked Gab in 2018 and Visa blocked him in 2020, largely because of his near-total refusal to moderate posts or content, including racism and urging violence. Even Coinbase, one of the leading cryptocurrency sites – whose main appeal is anonymity and freedom – blocked Gab.

The need for revenue is part of what inspired GabPay – until its launch, the only way to pay for a GabPro account, donate or buy ads was by check or wire transfer. Now, Gab can directly link users’ bank accounts and charges a fee of 1.9%, plus 15 cents, on transactions.

But it’s also an important part of Torba’s larger vision. Torba, 36, worked briefly in Silicon Valley before returning to found Gab in his native Pennsylvania to give conservatives – he describes himself as a “conservative Republican Christian” – a site where they could speak freely. Originally, the site was designed as a center for free speech. However, Torba’s rhetoric has changed over time; While protecting free speech is always at the heart of Gab’s message, the founder has also increasingly centered his Christianitylinking extremist posts on Gab to a religious vision of a new Christian-led society.

This company will need funding, whether it’s just to support Gab’s efforts – GabPay is, after all, one of the only ways to give money to Torba – or to donate to groups extremists such as the Proud Boys.

To give an idea of ​​where the money might go, when I opened the site to write this article, one of the first posts I saw, with 1,500 likes, explained that all hatred of black people and Jews is not racist because it is based on “their behavior”, not their ethnic origin. Many responses challenged this position – because it was not racist enough. As one person put it succinctly in the comments, “Jews are inbred parasites”.

An email from Gab to his mailing list presented GabPay as a matter of freedom – specifically freedom from Jews. He reminded users that since 2021, the Anti-Defamation League has partnered with PayPal to better understand how extremism is funded. Torba linked to an article that defined the ADL as a “far left hate group”. In another blog post, he called the ADL a “Jewish nationalist” group.

The GabPay logo, featuring the Gab frog mascot. Courtesy of GabPay

GabPay joins the site’s other entries into the Christian economy: its social media site, a cloud service and server farm, a blog pretending to be a news site, its own ad-selling system, a market, video conferences, encrypted messaging application and video hosting on an analogue of YouTube. (The market features merchandise emblazoned with an American flag redesigned to replace the stars with a cross, as well as Torba’s new book on Christian nationalism.)

Since last summer, Gab had more than five million users — well below Facebook’s nearly three billion or even Venmo’s 70 million, but still a sizable number, and far more than competitors in the right-wing alternative social media space. (Trump’s Truth Social platform has about half a million users.)

Still, a payment processor is only as good as the number of people and merchants who will accept it, and as Torba said in a video on GabTV, GabPay was still somewhat “behind the scenes” until this week.

But incidents like Trump’s withdrawal from Twitter — and the PayPal debacle — are sending waves of users to Gab. While it’s unclear if Torba’s parallel Christian economy will really take hold, Christian nationalism is already a rising force in the United States. Several politicians, like Pennsylvania candidate Doug Mastriano, have openly embraced the once marginal worldview. Mastriano and Marjorie Taylor Greene both paid Torba thousands of dollars for consulting services. (Mastriano later disavowed his connection to the founder of Gab.)

It’s always hard to get a critical mass to take people away from the ease of what they already know, so Gab and its affiliates may never dominate the internet or have millions of users. But with hate groups already using better-regulated payment methods to fund violence and hate, it’s clear that GabPay will increase extremists’ access to money – and with it, to power.

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What happened with the $570 million Binance (BNB) hack? And what does this really mean for crypto investors? https://moneytransferoffice.com/what-happened-with-the-570-million-binance-bnb-hack-and-what-does-this-really-mean-for-crypto-investors/ Sun, 09 Oct 2022 17:03:48 +0000 https://moneytransferoffice.com/what-happened-with-the-570-million-binance-bnb-hack-and-what-does-this-really-mean-for-crypto-investors/ | Getty Images Key points to remember The world’s largest crypto exchange, Binance, had to suspend deposits and withdrawals due to a hack. BNB is the fifth largest crypto by market capitalization, and the hack involved 2 million BNB tokens, which brought in $570 million. A hacker has exploited a vulnerability in the BNB network, […]]]>

Key points to remember

  • The world’s largest crypto exchange, Binance, had to suspend deposits and withdrawals due to a hack.
  • BNB is the fifth largest crypto by market capitalization, and the hack involved 2 million BNB tokens, which brought in $570 million.
  • A hacker has exploited a vulnerability in the BNB network, which affects news across the entire crypto space.

There was another major hack in the crypto space, as the world’s largest crypto exchange by trading volume had a major problem on the network. Hackers drained (created, in fact) 2 million BNB, the native token of the Binance network, out of thin air due to a vulnerability that resulted in around $570 million being hacked.

It’s been a turbulent year for cryptocurrency, with many high profile coins dropping over 70% in value since the start of 2022. As we assess the latest crypto scandal in a series of hacks , theft and fraud, let’s unbox this BNB hack and figure out what it means for the cryptocurrency space.

What happened with the BNB hack?

Binance Coin (BNB) is the cryptocurrency coin that powers the BNB Chain ecosystem, and it is the official exchange token of the Binance crypto exchange. The token was initially launched on the Ethereum blockchain, then moved to the Binance Smart Chain, now known as BNB Chain. BNB Chain includes BNB Beacon Chain and BNB Smart Chain (BSC).

It was first reported that $100 million had been hacked, and then the number increased dramatically. Around 2 million BNB tokens (worth around $570 million) were withdrawn. Binance co-founder and CEO Changpeng Zhao (“CZ”) announced that the hack happened on a cross-chain bridge where users transfer digital assets from one blockchain to another. Hackers were able to create 2 million BNB tokens out of thin air. The attacker was able to exploit a vulnerability in the Binance bridge and sent himself a million BNB tokens twice in a row. The hack happened because of a bug in the smart contract where hackers could forge transactions and transfer funds into their wallets.

Binance CEO tweeted that the current impact is estimated at around $100 million as the majority of stolen tokens cannot be transferred off the BNB chain. All validators were asked to temporarily suspend the BSC, which helped contain the issue. BSC confirmed that they staged a blockchain-wide shutdown once they spotted the problem and validators acted quickly. The BNB chain has a total of 44 different validators, of which 26 are currently active. Validators are responsible for confirming transactions on the blockchain.

Binance CEO tweeted on October 6:

“An exploit on a cross-chain bridge, BSC Token Hub, resulted in an additional BNB. We have asked all validators to temporarily suspend the BSC. The problem is now contained. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.

He then went on CNBC on October 7 to further explain the situation and assure BNB holders that their funds were safe.

What happened to BNB?

The price of BNB fell slightly on Friday after Thursday night’s hack. The good news is that the entire blockchain did not collapse as the problem was contained and dealt with almost immediately since the blockchain was deactivated with the validators working together quickly. BNB holders also didn’t lose $570 million collectively, as the media headlines may have been confusing.

It was later reported that the hacker only managed to earn around $110 million instead of $570 million. The blockchain was also able to freeze an additional $7 million with help from security partners. The Binance Smart Chain Community will now hold a vote to determine the next steps. There is a consideration to freeze stolen funds and set a bounty to catch the perpetrators of this hack.

On the morning of October 9, BNB coin, the fifth-largest crypto by market capitalization, was priced at $278.14, down about 46.34% for 2022.

It should also be noted that the overall cryptocurrency market saw a decline due to the published labor data. Many crypto proponents initially touted how the digital asset would be independent of global economic issues, but that has not been the case as we have seen crypto prices drop alongside major economic announcements such than rate hikes that have an impact on the stock market.

What does this mean for Crypto?

It appears that this BNB hack was an isolated incident and there were no other hacks in the crypto space at the time. This is apparently a case of unorganized crime, something more opportunistic, if not less serious. The attacker was able to exploit a vulnerability in the BNB network due to an inter-chain bridge, and no other coins were affected. However, many crypto experts (including Vitalik Buterin, a founder of Ethereum) are skeptical of cross-chain bridges due to security concerns.

In the decentralized finance (DeFi) space, transactions are controlled by code, and the mechanism seems to have many weaknesses. If these security limitations are resolved quickly, it is possible that this hack will inspire others to test for similar vulnerabilities in the future.

The unfortunate news is that this hack only adds fuel to the uncertainty in the crypto space that has alarmed many investors. There are many barriers to entry when it comes to the mass adoption of crypto, and it will certainly have a lot of doubts when it comes to switching to digital currency.

What other cryptography issues are worth knowing about?

It has been an extremely turbulent year for cryptocurrency, with many of the major coins having fallen by up to 80% in value since the start of 2022. There have also been major hacks and disasters that we need to address. . It is estimated that approximately $2 trillion of value has been wiped from the crypto ecosystem since the 2020 and 2021 rallies that sent token prices skyrocketing.

The moon collapse resulted in the disappearance of approximately $60 billion from the crypto ecosystem. This sent shockwaves throughout the crypto space as it became clear that even a stablecoin like USDT could be stripped, with many people losing their life savings.

Chainalasys confirmed in August that around $2 billion worth of crypto was lost due to cross-chain bridges. This theft happened on 13 different cross-bridge hacks. It is estimated that 69% of funds stolen in 2022 are due to attacks on bridges. The report also mentions the disturbing news that hackers linked to North Korea have already stolen around $1 billion worth of crypto this year.

We also cannot forget the issue with Kim Kardashian and the SEC where she was fined $1.26 for not disclosing that she received financial compensation for promoting EthereumMax on her Instagram page. . All of this news is just further negative publicity for the crypto space, where rumors are circulating about upcoming regulations. And soon, because of all these problems that cost users money.

How should you invest?

While we understand the benefit of investing in digital assets as some experts believe this online currency is the way of the future, there are still many serious risks associated with investing your money in this space. . We can’t deny that there have been colossal losses in this space this year. We don’t want to see you losing your hard earned money.

For now, serious investors are willing to wait for this overview of crypto’s wild west and its obvious imperfections, as they are bullish for the long term.

If you’re looking to invest in the cryptocurrency space, you might want to consider an investment kit like our Crypto Kit or Emerging Tech Kit. These kits help spread risk across industries, not just investing in a single coin or company, but across the entire ecosystem to be covered. They both use AI to allocate weekly portfolio weights across four tops: crypto, tech ETFs, big tech, and small tech. Users can also activate portfolio protection at any time to protect your gains and reduce your losses, regardless of the sector in which you invest.

Conclusion

The major risk you take by investing in digital assets is that the space is unregulated, which can lead to hackers trying to exploit the space. With crypto prices plummeting in 2022, it doesn’t look like recovery is imminent. We encourage you to do your own thorough research before investing your money in risky assets, as you don’t want to lose everything you’ve worked for.

Download Q.ai today to access AI-powered investment strategies. When you deposit $100, we add an additional $100 to your account.

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